Uber in talks to buy Dubai-based ride hailing company Careem

By erptre fusion
Uber is discussing the potential acquisition of Careem, a ride hailing business based in Dubai, Bloomberg has said
Preliminary talks between the two companies were held in July, with the outlook being for a combined service that would mitigate the costly battle for market share between Uber and Careem in the Middle East.
The potential deal could see Careem valued at US$2bn-2.5bn, according to Bloomberg.
Careem has around 100mn drivers across 100 cities in the Middle East, serving United Arab Emirates, Pakistan, Qatar, Saudi Arabia, Turkey, and more.
No decisions have been made at this stage, and Careem’s management is currently working to convince shareholders of the benefits of a deal.
“We believe the consumer internet opportunity in the region is massive and untapped”, Careem told Bloomberg in an email.
See more:
“In the last couple of years, the rest of the world has begun to embrace this opportunity and we have been approached by multiple strategic and financial investors”.
“Our ambition remains to build a lasting tech institution from the region”.
Uber has thus far declined to comment on the potential deal, but CEO Dara Khosrowshahi said in May that he believes Uber will ultimately become the market leader in India, Africa, and the Middle East.

Featured Articles

Microsoft, McDonald’s latest firms to run civil rights audit

Microsoft and McDonald’s join Amazon, Citi, JPMorgan and others in conducting civil rights audits, as investor pressure to achieve racial equity mounts

Deep dive: Investment in carbon capture rises as CO2 spikes

Investment in carbon removal solutions and startups is heating up as fast as the planet, with Temasek and CEMEX Ventures the latest VCs to launch funds

Dialight envisions a safe industrial world with LED lights

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, cyber, 5G, cloud speakers at TECH LIVE LONDON

Technology & AI

Eight big announcements made at Davos 2022, from ESG to tech


Hear Vodafone Business cyber chief Kawalec at Cyber LIVE

Leadership & Strategy